Fraught with risks

Date: 2015-10-07; view: 474.

Part 1

II. READING

I. PRE-READING

UNIT 3. BECOME YOUR OWN BOSS

o Answer the following questions:

1. Have you ever thought of starting your own business? Give your reasons.

2. What are the advantages and disadvantages of being your own boss?

v Active vocabulary

o Study the following vocabulary items and collocations:

To turn down offers

To strike out on one's own

Low-cost business

To declare bankruptcy

To take orders well

Starting salary

To succeed on one's own

To be fraught with risks

To beat the odds

To put in long hours

To stay fresh and enthusiastic

Constant innovation

To be hooked

A profitable move

To reveal an answer

Senior management's policy

v Cultural notes

Bankruptcy court – a court at which a person is adjudged insolvent.

Tax return – a statement or an official form showing income, deductions, exceptions, and the tax due.

Newsletter – a written report, usually issued periodically by organization or agency to present information to employers, contributors, stockholders, or the public.

o Read the text. Do the comprehension check below:

Peter Chapman decided that the best employer he'd ever find is himself. So the University of Cincinnati accounting major turned down offers from such corporate giants as Coca-Cola Co. and Kroger Co. to strike out on his own. "The positions they described sounded truly boring," says Chapman, shuddering at the prospect of "passing out paychecks and arbitrating disputes over who gets what day off."

After he asked himself, "What do I know how to do that other people don't?" his part-time job with a book publisher revealed an answer. Some of the firm's customers were low-cost business schools that had declared bankruptcy. Senior management's policy was to stop selling books to those customers, but not chase lost dollars through bankruptcy court.

Describing himself as "someone who doesn't necessarily take orders well," Chapman started reading customer court documents, and followed up on each account to collect whatever he could. Learning about bankruptcy on his employer's time, he soon produced a mini-avalanche of checks from accounts that had been written off as total losses. Reasoning that other business owners could benefit from his discovery, Chapman set up shop after graduation. Within three years, he was earning four times the starting salaries he'd turned down from corporate America.

Few new graduates share Chapman's chutzpah and desire to succeed on his own. But if you think you've got what it takes, remember that making the transition from student to entrepreneur is fraught with risks. By embracing the following guidelines offered by successful entrepreneurs and small-business development specialists, however, you may be able to beat the odds.